Law and regulation

The operators of a Philadelphia-based telemarketing scheme will pay more than $7.5 million to settle FTC charges that they peddled bogus credit cards and illegally debited consumers’ bank accounts.

The SEC has charged three former executives of TierOne, a failed bank in Nebraska, with misleading investors about the extent of the bank's losses during the financial crisis.

The Federal Deposit Insurance Corp. announced a new system Tuesday for classifying violations of consumer-protection rules that the agency spots during exams.

Sheila Bair, former chairman of the Federal Deposit Insurance Corp., nearly succeeded in forcing the largest banks to hold at least 10% common equity capital as part of Basel III rules, but was stymied by Treasury Secretary Tim Geithner.

The National Credit Union Administration filed a lawsuit against Barclays, alleging the bank's sale of faulty mortgage-backed securities to two corporate credit unions — U.S. Central and WesCorp — contributed to their 2009 collapse.

The National Fair Housing Alliance says Bank of America has failed to maintain foreclosed properties in minority neighborhoods. It lodged similar complaints against Wells Fargo and U.S. Bancorp earlier this year.

Bankers who think the government should have a lighter touch when it comes to prescribing rules for their industry may have an ally in the American people.

The Federal Reserve chairman has the correct diagnosis, but limited tools to solve the problem. Meanwhile, inflation hawks are trying to cure the nation from a disease it doesn't have.

Central clearing for over-the-counter contracts will undoubtedly reduce risks, but the market still has multiple regulators and multiple sets of rules for different players and for different instruments.

About one in five consumers buying a credit score from a credit bureau receives a "meaningfully" different score than their lender would, according to the Consumer Financial Protection Bureau.

Regulators are barring a Minnesota bank holding company from paying shareholders and some creditors until it takes steps to boost its capital.

Credit card collection efforts appear to be more successful than before the recession, controversial practices notwithstanding. This interactive graphic shows recovery and chargeoff data for large lenders.

The CFPB's issued a $200 million penalty against Discover in the agency's second enforment action. Cordray says expect more of the same, and he's sending a clear message that financial institutions should make sure they're not doing anything deceptive or misleading in marketing.

Assistant Attorney General Thomas Perez pressured the city of Saint Paul to withdraw a Supreme Court case that was supported by banks and threatened to undercut a key way the government targets lenders over fair lending laws. Republicans are crying foul.

The National Restaurant Association said Tuesday morning that it is joining the growing opposition to the proposed $7.2 billion antitrust settlement with Visa and MasterCard over fees for credit card transactions, another major setback to the endangered deal.

Fincen must be independent enough to be an honest broker in its rulemaking and enforcement network roles, while remaining responsive to the policy objectives of Treasury and statutory mandates from Congress.

Discover’s $200 million payout is substantially higher than the typical settlement between a lender and a banking regulator, suggesting the CFPB wants to significantly raise the financial cost of violations.

The banking system should not be used to hide the cost of Congress's social programs.

In former FDIC Chairman Sheila Bair's insider account of the financial crisis and its aftermath, Bair provides a detailed look at regulatory battles and delivers a scathing portrayal of Treasury Secretary Tim Geithner. She also offers key recommendations for reform, including abolishing the OCC.